I think it's totally true. I don't want to dismiss the fact that a great story combined with a great game - "Deus Ex" comes to mind (i liked the story) - can make for maybe a slightly better experience, but the underlying philosophy, that gameplay >>> story is totally true.

If i really think about it: Would i have been equally happy with the Deus Ex game consisting of different Levels/Challenges instead of a whole story? I really think it wouldn't have mattered that much. Just going through different challenges/stages with no big story to tell, i would have been equally happy with that.

Note: I am of course talking about the original Deus Ex, not that i don't like the newer one, but i just have never played it.